Singapore releases fourth quarter, total-year 2020 GDP advance estimates

A female, wearing a facial area mask as a preventive measure towards the unfold of the COVID-19 novel coronavirus, walks together the promenade at Marina Bay in Singapore on Might 4, 2020.

Roslan Rahman | AFP | Getty Illustrations or photos

SINGAPORE — Singapore’s economy contracted by much less than expected in 2020 as activity picked up even further in the fourth quarter subsequent the easing of Covid-relevant limitations, advance estimates by the Ministry of Trade and Industry showed on Monday.

The Southeast Asian financial state contracted by 5.8% in 2020 in comparison with the prior year, stated the ministry. That’s much better than the formal forecast for an yearly contraction of concerning 6% and 6.5%.

In the ultimate quarter of last 12 months, the Singapore financial system shrank 3.8% in contrast with a calendar year ago — an improvement from the revised 5.6% calendar year-in excess of-12 months contraction in the 3rd quarter, the ministry claimed.

On a quarter-on-quarter seasonally-modified foundation, Singapore’s gross domestic merchandise or GDP grew 2.1% in the fourth quarter — slowing from 9.5% expansion in the earlier 3 months, it additional.

Singapore’s trade-dependent financial system was strike by a plunge in activity past year as international locations globally imposed lockdown steps to sluggish the spread of Covid-19.

Domestically, Singapore executed “circuit breaker” measures in early April and begun lifting them given that early June — although some actions have remained, such as obligatory mask-donning in general public areas. That allowed most economic exercise to resume in the town-condition.

Here’s how the distinctive sectors executed in the fourth quarter, in accordance to the formal estimates:

  • Products-making industries grew 3.3% in comparison with the previous year, with producing growing by 9.5% yr over year
  • The development sector recorded its fourth-straight quarter of contraction, but the 28.5% year-on-yr contraction was improved than the former quarter’s
  • Products and services-manufacturing industries also ongoing to shrink for the fourth-straight quarter, recording a 6.8% calendar year-on-yr contraction.

The progress estimates for the fourth quarter are mostly dependent on knowledge from Oct and November. The trade and sector ministry will release an update to the data in February.

Amelia J. Bell

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